"My rule of thumb now is to keep a digital folder with everything—even stuff you think you'll never need again—just sitting there quietly in the background."
Couldn't agree more. Learned this the hard way myself after a lender randomly asked for proof of permits on a property I'd renovated three years earlier. Who even remembers permit numbers from that far back? Now I just snap quick pics of receipts, permits, and even contractor texts and toss them into a cloud folder. Takes seconds, saves hours of headaches later...
Now I just snap quick pics of receipts, permits, and even contractor texts and toss them into a cloud folder. Takes seconds, saves hours of headaches later...
Totally with you on this. I used to think keeping every little thing was overkill until a lender grilled me about some minor plumbing work from years ago. Who keeps track of that stuff? Now I screenshot emails, invoices, even random texts from contractors—takes almost no effort and saves your sanity later. Plus, having detailed records can sometimes give you leverage if there's ever a dispute or warranty issue down the road... learned that one the hard way too.
Same here, learned this lesson after scrambling to find a random invoice from two years back. Now I just snap quick pics and toss them into Dropbox folders labeled by property and year—makes it way easier when lenders start asking questions. Also, don't forget to jot down quick notes on the photos themselves or in the filenames...trust me, your future self will thank you when you're trying to remember why you paid $350 for "misc repairs" in 2021.
Totally agree, Dropbox is a lifesaver. Couple extra things I've found helpful:
- Tagging receipts with keywords like "plumbing," "roof," or "inspection"—makes searches way quicker.
- Keeping a simple spreadsheet summary per property/year. Photos are great, but sometimes lenders just want a quick overview.
"Keeping a simple spreadsheet summary per property/year. Photos are great, but sometimes lenders just want a quick overview."
Haha, spreadsheets are my jam...until they're not. Last time I tried getting fancy with color-coding and formulas, I somehow ended up with a budget spreadsheet predicting I'd spend $3 million on lawn care. 🤦♂️ But tagging receipts is genius—definitely stealing that one.
Speaking of lenders wanting quick overviews, anyone found a sweet spot between "too detailed" and "not detailed enough"? Seems like I'm always guessing wrong there...
